Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,661/mo
Lowest payment- Down payment
- $332,720
- Funds due
- $346,847
- Interest + MI left
- $187,951
- First ends
- Jul 2047
Assumption
Assumption + second
$4,567/mo
+$1,906/mo- Down payment
- $66,720
- Funds due
- $82,436
- Interest + MI left
- $607,987
- First ends
- Jul 2047
New loan
New conventional
$4,605/mo
+$1,944/mo- Down payment
- $66,720
- Funds due
- $78,882
- Interest + MI left
- $874,784
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $332,280 | $332,280 | $598,280 |
| Second mortgage | — | $266,000 | — |
| First P&I | $1,932.59 | $1,932.59 | $4,052.96 |
| Second P&I | — | $1,905.66 | — |
| Mortgage insurance | $295.59 | $295.59 | $119.66 |
| Taxes, insurance & HOA | $432.67 | $432.67 | $432.67 |
| Total housing payment | $2,660.85 | $4,566.50 | $4,605.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$66,720
Closing costs & prepaids$15,717
Usable credit−$0
Total buyer cash needed$82,436
Earnest money paid−$0
Remaining funds due$82,436
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,650.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$798.00
Prepaid interest, first (6 days)$204.83
Prepaid interest, second (6 days)$338.88
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing20 yr 7 moOf the original 30-year loan at 3.75%
Interest already paid$133,361Through Dec 2026
Assumption only · ends Jul 2047$187,951
Assumption + second · ends Jul 2047, second Jan 2057$607,987
New conventional · ends Jan 2057$874,784